TokenTax With Zac McClure: NFT Trading Tax Tips That Will Save You from Heartache

Zac McClure is the co-founder and CEO of TokenTax. Today he chats with Kevin about that thing you're all avoiding: crypto and NFT taxes and the implications of your trading habits. As the IRS begins to formulate more precise guidelines around how crypto and NFTs are taxed, Zac strongly recommends a basic understanding of great write-off opportunities and awareness of taxable events that could crush you.

LINKS

• Crypto Tax Software and Accounting | TokenTax
• Zac McClure | Twitter
• 6 Reasons Why You Shouldn't Procrastinate on Your Taxes | GOBankingRates
• DeFi vs. CeFi: Understanding the Differences | 101 Blockchains
• Cryptocurrency: Understanding Taxable and Non-Taxable Events | Tax Lawyer Blog
• Borrow & Lend on the Leading NFT Liquidity Protocol | NFTfi
• Cryptocurrency Exchange | Poloniex
• The Complete Guide to Cryptocurrency Tax Audits | CoinLedger
• Wash-Sale Rule: What Is It, Examples, and Penalties | Investopedia
• Intro to NFT Tax Loss Harvesting | TokenTax
• The Liz Truss Era Begins With a Bungled Tax Plan That May Cost UK Conservatives | Vanity Fair
• How Does the $10,000 Limit on State and Local Tax Deductions Work? | The Motley Fool
• Coinbase Says Reddit’s Success Highlights the Potential for NFTs | CoinDesk
• How Amazon Quietly Powers the Internet | Forbes
• TokenTax’s Zac and Alex: The Ultimate Crypto Tax Deep Dive | Delphi Digital
• Is IRS Hiring 87K New Agents To Audit Middle-Class Americans? | Snopes
• Get Ready for a Swarm of Incompetent IRS Agents in 2023 | Cointelegraph
• The Blockchain Data Platform | Chainalysis
• Cryptocurrency Exchange | KuCoin
• Decentralized Exchange | Trader Joe XYZ
• A Digital Nation | Axie Infinity
• Lender Beware: The Potential DeFi Tax Trap | CoinDesk
• Portugal's New Crypto Taxes Can't Stop the Party | Bloomberg
• Tax Deductions for Crypto Donations | TokenTax

NOTES

• [00:00] Intro.
• [02:54] Don't procrastinate when it comes to NFT and crypto-related taxes.
• [05:12] Services offered by TokenTax.
• [13:11] Why different crypto tax software may return wildly different numbers.
• [16:05] Simplifying reconciliation.
• [17:21] Audit-worthy red flags.
• [20:04] In the absence of clear guidance, use common sense.
• [27:28] Finding reliable tax advice.
• [31:41] Tools for NFT collectors.
• [36:19] Spotting trends.
• [39:30] Mapping the future of TokenTax.
• [42:20] Conversations with the IRS.
• [47:35] Common mistakes to avoid.
• [56:12] Why moving to another country may not absolve your tax liability.
• [59:08] Parting thoughts.

PEOPLE

• Alex Miles